Hunter Biden (left) has sued former Trump aide Garrett Ziegler (right). Sometimes, the devil you know is better than the one you don't. That could be a welcome change, but there are risks to moving those services outside the walls of a highly regulated institution. Whether it's fintechs or so-called shadow banks, there's no shortage of players looking to offer services previously dominated by big banks. CEO Jamie Dimon recently quipped he "wouldn't be a big buyer of a bank" in reference to proposed regulations requiring big banks to keep more money on the sidelines.īut banks' retrenchment could just signal an opportunity for others to fill in the gaps. Meanwhile, my colleague Rebecca Ungarino pointed out that Wells Fargo has faced continued setbacks from a slew of fines over the years as CEO Charlie Scharf continues to work to right the ship.Įven the big bank having the best year - JPMorgan - isn't completely happy. The prestigious investment bank has also grabbed headlines for its multiple reorgs amid a failed push into consumer banking under CEO David Solomon.
When news of Citi's reorg broke, I immediately thought of Goldman Sachs. Before the announcement, the bank's share price was down almost 9% this year, trailing all of its fellow big bank peers in the US except Bank of America.Ĭiti's overhaul represents how big banks are scrambling to stay on top of a financial world passing them by. That included the bank accidentally wiring $900 million, which is the type of thing that's typically frowned upon in banking.īut two-plus years later, problems persist. She inherited plenty of headaches from her predecessor, Michael Corbat.
To be fair, Fraser's tenure has been an uphill battle. Citigroup's share price is down nearly 40% since Fraser took over as CEO in March 2021. That might seem like a harsh stance, but understand the bank needs tough love.
The reorg will "make some of our people very uncomfortable," but the CEO said she's "absolutely fine with that." Case in point: Fraser said the changes eliminated 35 committees.Ĭhanges like these are bound to ruffle some feathers, but Fraser isn't bothered by it. Insider's Jennifer Sor has more on the reorg, deemed by CEO Jane Fraser as the most consequential change to Citigroup in nearly 20 years.Ĭitigroup is pitching the move as a way to simplify its structure. The bank announced a massive overhaul Wednesday that'll reduce management layers and almost certainly lead to job cuts. Ready or not, changes are coming to Citigroup. Account icon An icon in the shape of a person's head and shoulders.
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